For most people, they think that credit cards and debit cards are just the same. But in reality, they are not. In the latter, it has funds that can be withdrawn right from the checking account.
It is quite convenient to use when making a purchase and withdrawing from ATMs without paying interests charges.
Credit cards on the other hand are technically a provider or merchant that has the authority of denying the transactions for several reasons. Being able to know the probable cause of denial in advance can help seeing this word down the road.
Here are the possible reasons why your credit card payment may be declined.
Not Enough Funds
This is the most common reason why a debit or credit card can be declined. It’s funny because this denial can be avoided quite easily. How? Monitor your spending.
Entering Incorrect Pin
The PIN or Personal Identification Number that you enrolled should be entered in the right order. Otherwise, the transaction will not push through. Entering an incorrect pin will automatically deny the transaction.
Withdrawal Limit Reached
To protect funds, majority of financial institutions put a ceiling on how much can be withdrawn in accounts on a daily basis. This is oftentimes a combination of purchases and ATM and could prohibit you from getting the money you need.